Introduction
The Economic Sentiment Indicator (ESI) combines confidence data from key sectors — industry, services, retail trade, and construction — providing a forward-looking view of Europe’s overall economic outlook. ESI ranges from 0 to 200, where values above 100 signal above-average confidence and below 100 indicate weaker sentiment.
In contrast, the sectoral confidence indicators (industry, services, retail trade, and construction) are measured as balance statistics — the difference between positive and negative responses — and typically fluctuate around zero, where positive values signal optimism and negative values indicate pessimism among respondents.
This analysis is based on data from Eurostat, which compiles monthly survey results from key economic sectors across European countries. All values are seasonally adjusted and updated in real time, typically released on the last working day of each month or shortly after, once national data providers publish their final results.
Overall Economic Sentiment
In November 2025, the European Union's Economic Sentiment Indicator rose to 96.8 points (+0.2 m/m), suggesting that optimism among businesses has strengthened on improving demand and a more stable outlook. The chart below shows how sentiment levels have evolved since January 1980, highlighting the current position in a long-term context.
Consumer Confidence Indicator
As of November 2025, the European Union's Consumer Confidence Indicator fell to -13.6 points (-0.1 m/m), reflecting weaker household expectations regarding their financial situation and the broader economic outlook.
Industrial Confidence Indicator
In November 2025, the European Union's Industrial Confidence Indicator fell to -9.8 points (-0.7 m/m), indicating that manufacturers are more cautious about production and new orders going forward.
Services Confidence Indicator
In November 2025, the European Union's Services Confidence Indicator increased to 6.3 points (+1.4 m/m), pointing to stronger demand expectations and improved assessments of business activity.
Retail Confidence Indicator
As of November 2025, the European Union's Retail Confidence Indicator rose to -4 points (+1.1 m/m), suggesting that retailers are more optimistic about near‑term sales and market conditions.
Construction Confidence Indicator
In November 2025, the European Union's Construction Confidence Indicator increased to -3.3 points (+1.3 m/m), reflecting improving order books and hiring prospects, and a firmer outlook among construction firms.
Frequently Asked Questions
Economic sentiment indicators, such as the Economic Sentiment Indicator (ESI) published by Eurostat, are early signals of changes in business and consumer confidence. They help identify shifts in economic activity before traditional statistics like GDP or employment data are released, making them essential tools for economic forecasting and policy analysis.
As of the latest available data, the Economic Sentiment Indicator values for European countries are:
- Albania: 103.8 points
- Austria: 92.4 points
- Belgium: 95.1 points
- Bulgaria: 101.5 points
- Croatia: 106.9 points
- Cyprus: 106.5 points
- Czechia: 99.6 points
- Denmark: 88.6 points
- Estonia: 92.7 points
- Finland: 94.9 points
- France: 95.4 points
- Germany: 91.3 points
- Greece: 106 points
- Hungary: 95.3 points
- Ireland: 95.7 points
- Italy: 101.8 points
- Latvia: 101.3 points
- Lithuania: 103.1 points
- Luxembourg: 101.1 points
- Malta: 111.8 points
- Netherlands: 100 points
- North Macedonia: 100.2 points
- Poland: 99 points
- Portugal: 106.5 points
- Romania: 94.1 points
- Serbia: 94 points
- Slovakia: 91.5 points
- Slovenia: 100.3 points
- Spain: 105.9 points
- Sweden: 99.4 points
- Türkiye: 99.6 points
Eurostat compiles the ESI from monthly business surveys coordinated by the European Commission (DG ECFIN). Thousands of companies across industry, services, retail trade, and construction report their expectations for production, demand, and employment. These responses are aggregated into confidence indicators, which together form the overall Economic Sentiment Indicator for Europe.
Conjuncture in European Countries
Explore economic sentiment data across Europe — choose a country to see detailed analysis.
Methodology and Data Sources
This analysis utilizes real-time data from Eurostat's Business and Consumer Surveys, processed and visualized through Monitly's analytics platform. All charts and statistics are updated automatically to reflect the latest available information, typically published at the end of each month.